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CU System

Great Lakes CU requires fin ed to open young adult account

NORTH CHICAGO, Ill. (4/1/10)--Great Lakes CU (GLCU), based in North Chicago, has introduced a series of customized accounts for young adults, ages 16-23, that requires completing financial education modules in order to qualify for opening the accounts. The On Your Way accounts currently include a free On Your Way checking account with debit card, On Your Way student Visa, and computer loans, with student loans offered soon. Accountholders have access to online and mobile banking, and exclusive access to the On Your Way website, which is loaded with financial advice and articles, as well as opportunities to earn rewards for big-ticket items for visiting the website, contributing website content and using GLCU's products and services. To qualify to open both the checking account and student Visa, young adults must successfully complete online educational modules on "checking account management" and "credit matters." The self-guided modules include a quiz to measure understanding of the content. "Young adults need financial literacy and, at the same time, have a strong preference for personal contact," said Vikki Kaiser, president/CEO of the $543 million asset credit union. "Many young people will avoid a financial purchase until they meet with a professional," Kaiser said. "Purchasing financial products via the Internet or telephone rates low with these consumers, but they use these media to get educated on products and services that may be appropriate for them. GLCU has taken this into account by providing young adults with high-touch interactions alongside online resources."